Latest news with #BrianCornell
New York Post
7 hours ago
- Business
- New York Post
Target drops popular perk for shoppers after more than a decade
Advertisement Target is dropping its price-matching policy with rivals Walmart and Amazon after more than a decade as the company aims to reposition itself amid slowing sales and competitive pressure. Under its new Price Match Guarantee policy, taking effect July 28, customers of the Minneapolis-based retail giant will be able to price match other Target products in the store or online within 14-days of a purchase, but the policy will no longer apply to its rivals. The company said the decision was driven by the fact that its 'guests overwhelmingly price match Target and not other retailers.' 'Target's Price Match Guarantee, paired with our commitment to being priced right daily, ensures guests get great prices when shopping Target,' the company said. Advertisement 5 Under its new Price Match Guarantee policy, taking effect July 28, customers of the Minneapolis-based retail giant will be able to price match other Target products in the store or online. AP 5 This policy applies to products in the store or online within 14-days of a purchase, but the policy will no longer apply to its rivals. Christopher Sadowski Target rolled out its very first price match policy, called the Low Price Promise, in 2009. Advertisement If a customer found a lower price at another brick-and-mortar store, the company matched it. Eventually, the company expanded this policy, matching prices from certain online retailers including and during the holiday season. 5 The company said the decision was driven by the fact that its 'guests overwhelmingly price match Target and not other retailers.' Christopher Sadowski 5 Target rolled out its very first price match policy, called the Low Price Promise, in 2009. Helayne Seidman Advertisement In 2013, the company began price matching top online retailers year-round, which then-CEO Gregg Steinhafel said that the move effectively made the company an 'unbeatable value' compared to its competitors in the highly competitive sector. The recent change, however, comes as CEO Brian Cornell works to turn around the company, which has been trying to drum up traffic and return to growth in back-to-back quarters. However, Cornell characterized the environment over the past few months in particular as 'highly challenging.' Target missed Wall Street expectations and cut its guidance for the year during its latest earnings call in May as it contends with tariff uncertainty, declining consumer confidence and backlash over its rollback of its diversity, equity and inclusion (DEI) efforts. 5 The recent change, however, comes as CEO Brian Cornell works to turn around the company, which has been trying to drum up traffic and return to growth in back-to-back quarters. REUTERS To try and get back to long-term profitable growth, the company developed a new multi-year growth initiative, called Enterprise Acceleration Office, and made changes to its executive suite. The Enterprise Acceleration Office initiative, led by Target Chief Operating Officer Michael Fiddelke, will specifically help the company operate more nimbly, 'creating conditions for speed, adaptability, innovation and resilience,' Cornell said. Target said in its latest earnings that it expects a low-single digit decline in sales for fiscal 2025, down from its previous forecast of net sales growth of about 1%.
Miami Herald
a day ago
- Business
- Miami Herald
Target to end price match policy — and customers are seeing red. ‘Not a good move'
Target is planning to ditch its competitor price match policy, a decision that has some customers seeing red. Starting July 28, the retail giant said it will only offer price matching between Target stores and a company spokesperson confirmed to McClatchy News. For more than a decade, Target's 'price match guarantee' allowed customers to match the price of identical items sold at a lower price by Walmart and Amazon, in addition to its own stores, according to its website. For example, customers could match prices on in-store purchases, and vice versa. Prices can be matched at the time of purchase or within 14 days, Target said. 'We've found our guests overwhelmingly price match Target and not other retailers, which reflects the great value and trust in pricing that consumers see across our assortment and deals,' a Target spokesperson told McClatchy News in a statement July 21. The Minneapolis-based retailer launched its price match policy in 2013 in a move then-CEO Gregg Steinhafel said would offer shoppers an 'unbeatable value,' CBS News reported. The new policy will allow customers to 'continue to shop with confidence,' the Target spokesperson said. A notice shared in stores also cited 'guest feedback' for the changes, which have drawn the ire of some shoppers. 'I used to shop at Target a lot,' one person wrote on Reddit. 'Not anymore. This is ridiculous, and not a good move.' 'What, do guests not like saving money?' wrote another. 'I'd price match Amazon or Walmart at times and then use my discount (yes this follows policy),' another shopper posted on Reddit, adding: 'Well, I'll just buy less or buy it where it's cheaper.' The changes comes as Target struggles with lagging sales, due in part to ongoing fallout over the company's decision to roll back its diversity, equity and inclusion initiatives, as reported by KCRA and CNN. The company also pointed to backlash over LGBTQ-themed items offered at stores during Pride Month in 2023. First-quarter sales this year dipped nearly 4 percent as the retailer 'navigated a highly challenging environment,' Target CEO Brian Cornell said in an earnings report published in May. '...We're not satisfied with current performance and know we have opportunities to deliver faster progress on our roadmap for growth,' Cornell said. Target was the last to continue offering a price match guarantee on items from competitors, according to NewsNation. Walmart doesn't offer price matching for rival retailers — only online and in-store purchases, its website says. Amazon currently does not offer price matching.
Yahoo
a day ago
- Business
- Yahoo
Target is changing one of its biggest customer perks
Target (TGT) is changing a roughly decade-old policy that let customers save some extra cash. The retailer is altering its 'price match' policy, which allowed customers to request and receive a refund for the difference of a product if the shopper found the identical item cheaper at Amazon, Walmart or Target itself within 14 days of purchase. That's changing beginning July 28: The price match policy will be valid only if customers found an item for a cheaper price at Target's stores or website within two weeks of purchase. It will no longer apply to Amazon and Walmart prices. Target's price-matching policy started in 2013. Amazon doesn't have a price match policy, and Walmart ended theirs in 2019. The changes come after a rough quarter for Target, with sales at stores open for at least a year tumbling 3.8% compared to the same quarter a year prior. This was partly because of tariff-related uncertainty as well as backlash from some customers about its reversal on diversity, equity and inclusion programs, executives said. 'We faced several additional headwinds this quarter, including five consecutive months of declining consumer confidence, uncertainty regarding the impact of potential tariffs, and the reaction to the updates we shared on (DEI) in January,' Target CEO Brian Cornell said on a call with analysts in May. Cornell warned of 'massive potential costs' from tariffs, but he said Target could offset them by diversifying suppliers, adjusting products and possible price hikes. Target is set to release earnings on August 20. Shares have fallen 25% so far this year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
09-07-2025
- Business
- Miami Herald
Outgoing Target CEO makes 1 last bold play to win back customers
For a long time, Brian Cornell was the executive who rescued Target. He took a chain that had lost its magic and found a way to make it special again. That included some incredibly bold risks. He was the executive who decided to move away from many big-name brand partnerships and go with creating owned and operated brands. Related: Key healthcare provider files Chapter 11 bankruptcy Basically, if that move had failed, the company would've sunk hundreds of millions into products nobody wanted. Instead, Cornell understood that as long as something had the Target seal of approval, customers would accept it. For many of the years he has been in charge, Target (TGT) has been flying high. Cornell navigated the Covid pandemic as well as any executive. But he was not prepared to be punished for trying to be inclusive. Target has faced boycotts and lost customers over bathroom policies, its Pride month merchandise collection, and all sorts of other issues right-wing companies used to paint the company as "woke." Don't miss the move: Subscribe to TheStreet's free daily newsletter In most cases, it wasn't actually about what Target chose to do. Instead, it was about virtue signaling to conservatives. No matter the reason, the boycotts and constant local labeling have cost the company some sales. And now, with Cornell into the final year of serving as CEO, is making some bold moves to protect his legacy. Cornell knows he has to lay out a long-range plan to bring Target back. He talked about his goals during the chain's first-quarter earnings call. "At Target, our road map for growth serves as a guide for bringing the best of our brand to life each day. This includes our assortment of on-trend affordable products and an experience that prioritizes ease, convenience, and a personal touch with every interaction, all at an incredible value. "These are the things that make Target, Target, and we remain confident that our strategy will allow us to continue bringing joy to millions of American families while, importantly, paving the way for long-term profitable growth" he said. More Retail: Costco quietly plans to offer a convenient service for customersT-Mobile pulls the plug on generous offer, angering customersAT&T makes generous offer to older customers That's saying a lot without much in the way of specifics. He did offer consumers a sort of bribe to come back to the chain, and it's a smart one, given the economic times. "For the summer season, we're offering more than 10,000 new items, starting at just $1. In the popular Bullseye's Playground, we will continue offering items at $1, $3, and $5. And we're expanding this assortment to include beauty items as well as trending snacks and beverages," he added. Consumers tend to boycott brands they don't really need. It's easy to boycott Bud Light because it's not that different from any other light beer brand. Once people see value in a product, they tend to ignore any morality. (That's why Chick-fil-A has been massively successful, despite the hateful things done and said by its corporate owners.) Cornell is betting that if Target can deliver value, its right-wing customers will forget that the chain supports dignity for transgender people. "We're also finding new ways to move faster and operate differently, given that uncertainty and the pace of change are higher than ever," he shared. He noted that speed and flexibility will help with the impact of tariffs. "The merchandising team has been working tirelessly to mitigate the impact of tariffs. And the difficulty level has been incredibly high, given the magnitude of the rates we're facing and a high degree of uncertainty on how these rates and impacted categories might evolve," he added. Related: Target has another big problem amid alarming customer behavior In the end, Cornell, who is retiring before the end of 2025, is betting that value brings back the "Tar-zhay" good feelings. "As a company that's aimed to deliver great products and outstanding value, we're focused on supporting American families as they manage their budgets. We have many levers to use in mitigating the impact of tariffs, and price is the very last resort. Our strategy is to remain price competitive by leveraging the capabilities, long-standing relationships, and the scale that set us apart for many of our retail peers," he said. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
07-07-2025
- Business
- Miami Herald
Target has another big problem amid alarming customer behavior
Target (TGT) , which has almost 2,000 stores nationwide, is struggling to shake a concerning shift in customer behavior that has significantly impacted its sales for several financial quarters. In Target's first-quarter earnings report for 2025, it revealed that its comparable store sales dipped by 3.8% year-over-year. Also, according to recent data from the number of customers visiting Target stores per location shrank by 4.8% year-over-year during the quarter. Related: Target announces generous offers to win back customers The pullback from consumers comes at a time when many are battling inflation and are concerned that tariffs will further increase prices for everyday goods. Also, Target recently faced backlash for scaling back its diversity, equity, and inclusion initiatives, which sparked several consumer boycotts. During an earnings call in May, Target CEO Brian Cornell said the company is operating in an "exceptionally challenging environment," with several factors negatively impacting business. "For several years now, we've seen pressure in our discretionary businesses, as spending adjusted down from elevated levels during the pandemic and then moved further away in the face of historically high inflation in needs-based categories," said Cornell. "On top of those ongoing challenges, we faced several additional headwinds this quarter, including five consecutive months of declining consumer confidence, uncertainty regarding the impact of potential tariffs, and the reaction to the updates we shared on Belonging in January." Image source: Universal Images Group via Getty Images Just last month, Target faced a major boycott from consumers, organized by The People's Union USA, for its DEI cuts. Now, another big group is threatening to make a similar move. On June 26, the Congressional Black Caucus (CBC) met with Target CEO Brian Cornell to discuss the retailer's decision to roll back its DEI policies in January. The cuts resulted in Target discontinuing its three-year DEI goals and Racial Equity Action and Change initiatives, which launched in 2020 and included advancing the careers of Black employees, instituting anti-racism training for staff members, promoting Black-owned businesses, and sourcing products from Black suppliers. Through these initiatives, Target also pledged to donate $1 million to the Congressional Black Caucus Foundation over five years. Since 2020, the retailer has donated at least $1.4 million to the foundation. The CBC said in a recent press release that the conversation with Cornell was "candid and direct." However, it warned him that "efforts to restore consumer and public trust without genuine action and accountability" would risk causing "lasting damage" to Target's "brand and credibility." Related: Home Depot, Amazon, Starbucks suffer major boycott from customers During the meeting, the group demanded that Target recommit to DEI in a public forum and reinstate DEI policies that were "eliminated or rolled back." The CBC also demanded an update on the status of financial investments and other publicly pledged policies, as well as details of Target's workforce diversity, business supplier diversity, and community investment. However, the CBC is supporting a boycott of Target after the conversation with the company's leadership yielded disappointing results. "Like many of the coalition leaders and partner organizations that have chosen to boycott their stores across the country, we found that the explanations offered by the leadership of the Target Corporation fell woefully short of what our communities deserve and of the values of inclusion that Target once touted," said the CBC in the press release. The CBC also highlighted that Black consumers have a significant impact on Target's "bottom line." "Black consumers contribute overwhelmingly to our economy and to the Target Corporation's bottom line," said the CBC. "Our communities deserve to shop at businesses that publicly share our values without sacrificing our dignity. It is no longer acceptable to deliver promises to our communities in private without also demonstrating those values publicly." The CBC's boycott threat comes after Cornell has been ramping up his efforts to address the backlash over Target's DEI cuts. In April, Cornell met with the Rev. Al Sharpton to advert another potential Target boycott over DEI cuts. More Retail: Costco quietly plans to offer a convenient service for customersT-Mobile pulls the plug on generous offer, angering customersAT&T makes generous offer to older customers The following month, Cornell also reportedly sent an email to Target employees acknowledging that it had been "a tough few months," admitting that the company's lack of communication amid recent controversy had led to "uncertainty." He also emphasized that Target's values of "inclusivity, connection, drive" are "not up for debate" and said that the company is "committed" to sharing how its values create an impact. "The world around us is noisier and more complicated, but that doesn't change who we are," said Cornell. Related: Target faces another massive boycott from customers The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
